Agbar’s puzzling bid for Bristol

The Spanish company’s bid for Bristol Water looks too expensive and too rushed to be taken at face value.

Suez’s affiliate company in Spain, Sociedad General de Aguas de Barcelona (Agbar), announced an agreed £10.60-a-share offer for Bristol Water in the UK on 21 April. The £390 million deal will bring the Suez group (which controls Agbar through a 51% interest in Hisusa, which in turn holds 47.7% of the Spanish water company) back to the UK water sector exactly a year after...

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